Shopify buoyed by important support - Analysis - 22-06-2022

Shopify's stock (SHOP) rose in the intraday levels after the support of 307.67 held its ground, lending it positive momentum amid positive signals from the RSI after reaching oversold levels, marking a profit of 3.58%, or 11.36 points, with the stock settling at 328.25, with trading volumes surpassing 3.1 million shares, below 10-day averages of 4 million shares, and amid the dominance of the main downward trend in the short term, with negative pressure from the 50-day SMA. 

Therefore we expect the stock to return lower, targeting the support of 124.00, provided the support of 307.67 was breached. 

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Expected trend for today: Bearish